Q. What is a Career Training Loan and
is it the same kind of loan I would get from
a college or university?
A. No, this is not the same
as a federally guaranteed student loan, such
as the type you are eligible for when attending
a university. The qualifications and repayment
terms are different.
Career Training Loan eligibility
is based on two factors, credit history and debt
to income ratio. Another difference is that you
start repayment on Career Training Loans 30 days
after the date the first payment is made to the
school. As far as repayment, you may choose to
pay the interest only while you are in school.
But unlike a federal loan you do not have the option
to defer payment until after you finish your program.
Q. How Do I apply?
A. You may download an application
from above or apply online using the link above.
If you have questions give us a call at 888-277-0457.
Q. Will I qualify for
a Career Training loan?
A. To qualify, you must be a U.S. citizen or permanent resident and
be creditworthy. If you have no credit or a poor credit history, you may still
qualify for a loan by applying with a creditworthy co-borrower, someone who
will co-sign the loan with you. This can be a relative or anyone else you choose.
If you are taking a yearlong program or DNA have a strong credit history, then
you will most likely need a co borrower. There are many advantages to applying
with a co borrower, including the possibility getting a better interest rate
on the loan.
Q. How much can I borrow?
A. The minimum amount you can borrow is $1,000, and you can borrow
up to the total cost of the education (including tuition, equipment costs,
and film) plus additional expense money of up to 60% of the tuition.
Q. What are the terms
of the loan?
A. The interest rate on the loan depends on the credit rating and
history of the borrower and co borrower. It may be as low as prime + 1% and
fees starting at 2%. Your payment will depend on the interest rate and fees.
Your loan rate and payment schedule will be clearly explained in your loan
documents. The borrower may choose a repayment term of between 1 and 15 years.
Q. How long does it take
to find out if I will be awarded the loan?
A. Usually within one week, often faster. Do make sure you have filled
out your application completely and accurately. Read the paperwork carefully,
sign everything and provide all requested documents. Missing information will
slow things down.
If your application is denied, SLM Financial will send you a letter. If it
is accepted or if more information is needed, then we will contact you. You
can check with SLM Financial on the status of your loan at any time.
Q. I have been approved
for the loan, how is the money distributed?
A. The funds for the tuition and school costs are sent to ProMedia
Training. If you have applied for additional expense money then it is mailed
directly to you.
Q. Are there any scholarships
or grants available?
A. ProMedia does not have scholarships or grants. You may be able
to find them; a good place to start is to do a search on the internet. This
takes time and effort but some students are successful in finding them.
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